All Forum Posts by: David Cole

@David Cole Welcome to BP. I highly recommend finding a competent real estate attorney to prep your assignment contract for you. 

Welcome, actually I suggest you NOT assign contracts in MO. to wholesale, (unless you have a license) a key word in the law here is "facilitate" that means to make a transfer by any means. 

There is also a difference between doing something once and doing the same thing over and over as a business. 

You''l lose your money because you can't close and or you didn't have the ability nor the intention of buying per contract terms, no intent means the contract isn't made in good faith, the contract is voidable.

Any contract you have to sell can't be enforced by you in the end, but the seller can enforce his contract with you. That's because you'd need to explain to the judge what you were doing and s/he will take you back to facilitating RE transactions without a license. 

Contract in the name of your LLC, make the contract contingent on financing, admit your buyer to the LLC, buy it, he takes title from the LLC and leaves the company. Your fee to the LLC is an accounting matter between you and the buyer.

BTW, you'll be better off dealing honestly with your buyer and disclose what the company gets!

But, even this method will only fly a few times in MO. because they may still claim the company facilitates sales.

Better way, learn real estate before dealing in real estate, get a license or buy with seller financing then sell and payoff your seller. :) 

Hey @David Cole, welcome to the site! Feel free to jump in the community here and also take advantage of the treasure of knowledge here.